Scotia Mortgage Life FAQsPlan for the unexpected
Scotiabank mortgage customers who are Canadian residents and are 18 years of age and under 65 years.
Yes, approval is based on answering one health question. If you answer "No" to this question and your mortgage is $500,000 or less you are approved. Answering "Yes" to this question does not necessarily mean you won't be approved; it simply means the insurer will contact you for more information.
Yes. Life coverage is available for up to two borrowers on the same mortgage.
Other Life insurance does not pay off your mortgage. With Life coverage, your Scotiabank mortgage could be paid off in full, so the funds from other life insurance can be used to help your loved ones maintain their standard of living.
If you have a guarantor on your mortgage, that person may become responsible for your debt after you pass away. As well, your estate representative will be responsible for paying your mortgage while your estate is being settled, and that could take significant time.
After you enrol you will have 30 days to review the details of the plan and decide if it is right for you. If you decide that it isn't, simply call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you with cancelling your coverage, and any premiums you've paid will be refunded. You may also cancel anytime after the 30 day review period, however no premium will be refunded.
For Life coverage, the maximum coverage amount is $750,000 per mortgage or $750,000 for all mortgages combined.
Tools & Resources
For more detail, please refer to the Mortgage Protection Premium Rate Table.
The Bank of Nova Scotia and ScotiaLife Financial are not insurers. All insurance plans are underwritten by independent licensed insurers.